Downside risks dominated the US Dollar against the Canadian Dollar on Monday. The USD/CAD exchange rate fell by 81 pips or 0.64% during yesterday’s trading session.
As for the near future, the currency pair is likely to continue to edge lower. Bearish traders could target the weekly support level at 1.2462 within the following trading session.
However, the weekly S1 at 1.2515 could provide support for the currency exchange rate in the shorter term.
